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Brown-Forman Corp Registered Shs -B- Non Vtg

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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation

Wide-Moat Brown-Forman Invests to Grow Beyond Whiskey Stronghold

Business Strategy and Outlook

We award a wide economic moat rating to Brown-Forman, based on the strong brand intangible assets and cost advantages associated with the spirits maker’s premium American whiskey portfolio that makes up two thirds of its overall sales.

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